9:43pm: The Magic aren’t interested in taking on Varejao’s contract, but they are thinking about sending Frye to Cleveland for a trade exception, according to Adrian Wojnarowski of The Vertical on Yahoo Sports. The Cavaliers have a $10.5MM exception — enough to absorb Frye’s $8.2MM salary — they got from tradingBrendan Haywood to the Blazers last summer. However, the Cavs don’t want to add Frye unless they can offload Varejao somehow, Wojnarowski writes.

Orlando is growing tired of waiting for a decision from the Clippers, who say they need until Thursday morning to decide whether to give up Lance Stephenson, C.J. Wilcox and a second-round pick in exchange for Frye, Wojnarowski reports.

Varejao still has two years and nearly $19MM in guaranteed money remaining on his contract. Wojnarowski confirms that Cleveland is looking for a teams with cap space like Philadelphia or Portland to take Varejao in a three-team deal. The third team could expect to get cash and draft picks in return. If the Cavaliers were to take on Frye’s contract without getting rid of Varejao’s, it would push their estimated luxury tax bill from $61MM to nearly $96MM.

L.A. has been looking at other trades to get rid of Stephenson’s contract, which pays him $9MM this year and $9.4MM next season, Wojnarowski reports. If the Orlando deal goes through, the Magic are expected to waive or trade him.

6:17pm: Cleveland has offered Varejao to Orlando in exchange for stretch four Channing Frye, tweets Marc Stein of ESPN.com. The Cavaliers are hoping to trump reported trade talks between the Magic and Clippers.

4:17pm: The Cavaliers are considering a deal involving veteran power forward Anderson Varejao, tweets Frank Isola of The New York Daily News. He mentions the Blazers and Sixers as possible trade partners.

Varejao has been with Cleveland for his entire 12-year NBA career. He has appeared in just 31 games this season and is averaging 2.6 points and 2.9 rebounds in 10 minutes of playing time.

Varejao is signed through the 2017/18 season. He makes $9,638,554 this year and is due to get $10,361,446 in 2016/17, but only $9,361,446 of that is guaranteed. His $10MM salary for 2017/18 is non-guaranteed, but he will receive a $4.5MM guarantee if he is on a roster through August 1st of next year. Varejao’s contract includes a 5% trade kicker.

A Varejao deal could be connected to a rumored swap for the Pelicans’ Ryan Anderson that Isola also reported. Only the Blazers have enough cap room to take on Varejao without worrying about the league’s salary-matching rules.

The Cavs are really going to lose some respect from future free agents if they up and trade their most loyal player right on the cusp. The Cavs don’t need another player. Tell LBJ to stop chucking threes and we win.